1. Start saving and investing
The best day to start saving isn’t tomorrow, but today. Even if you can only save a few bucks, do it!
Let’s take an example, if you start saving more than at least $5,000 to $6,000 each year from the age of 62, in ten years, it can add up to over $50,000. Compound interest will take place here, depending on how much the interest rate is at your bank, and accumulate this money to nearly $100,000 when you reach the age of 72 if we consider the average 6% annual interest rate.
Moreover, you can also consider investing this money each year. If you invest a few thousand dollars each year from the age of 62, then you can quickly get over $100,000 in only ten years.
The saver and the investor are always winners, so be one yourself.
2. Become a travel writer
With all the free time you have, being a travel writer could be super beneficial for you. To be able to make money this way, you would need to sell your articles. There are more than enough magazines across the glove that would gladly buy them from you. It takes some time to find these magazines, although the internet has made it easy to do.
People love to travel and love to read articles about traveling too, so this could be your best bet with all the free time you have.
3. Use TikTok
Age is just a number, and TikTok is going viral as of now. TikTok has over one billion active users as of 2021 and has managed to nearly double its growth in active users in only one year!
TikTok became really popular after the beginning of the COVID-19 pandemic. Many just got bored of lockdowns and thought that it was a good idea to start making videos for themselves. Hence, you even get paid if you get enough followers and likes!
UNUM shares some of the best practices with us about TikTok, claiming the overall performance of your videos are reviewed through the following:
Engagement variety: TikTok looks at the engagement rate of your videos, in this case, the shares, likes, and comments. Rewatch and comments seem to be necessary, although followers matter a lot too.
Engagement velocity: TikTok will analyze how fast your audience will engage with your videos. The faster they do, the more exposure you are likely to gain.
Watch time/rewatches: TikTok’s priority is seeing that you get a lot of watch time and rewatches over anything else.
4. Open a cafe or restaurant
Many people love to drink coffee along with their breakfast in the morning. It is a great industry to be in, and opening a cafe or restaurant can be super exciting when you are in retirement. You can even start your own page on social media channels to increase exposure whenever you open a cafe or restaurant.
Be creative about your restaurant or cafe; try including a type of coffee like Espresso that is highly in demand or some rare kind of food in your area.
Whenever you set up your brand, you can try using a brand perception survey. A brand perception survey shows how your consumers perceive your brand. It gives you a clear picture of how your customers would feel about your new cafe or restaurant. It plays a vital role in customer loyalty and the long-term success of your business.
5. Set up rental businesses
Rental businesses can be a great way of earning passive income while traveling or practicing some other hobby that interests you. For instance, you can try offering rentals in areas where people take vaccinations, such as tropical cities, beach resorts, big cities, and more.
People love to take vaccinations, so you are just stacking your passive income money while they are at the beach.
6. Become a consultant
By the time you are set for retirement, you have so much life experience that becoming a consultant is not surprising.
First, you should determine your area of expertise- let’s say you are an expert marketer. As a consultant, your job will be to advise other marketers on their marketing strategy, research, talent sourcing, business development, and much more.
Depending on how experienced you are, never be afraid to charge the right price. If you have been in the industry for over 30 years, then you have gotten to experience both traditional and modern-day marketing. Right there, you are showing that you are an old-school marketer and can advise better than the rest!
7. Become a copywriter
Being a copywriter is a real deal and can be interesting to do, especially when you are in retirement. Writing is expressing your creativity through written words, and your creativity can be even more enhanced when you have gone through so many experiences.
Otherwise, copywriting is a huge industry to be in, with lots of opportunities arising every single day. The marketing industry is always grasping to find a creative copywriter who will deliver the right message to their audience. Most copywriters work remotely, so you aren’t tied to any business. In short, this means travel anytime and anywhere, with your laptop along!
8. Start a podcast
Podcasts are even more interesting when they are speaking to experienced people, and this means you. Whichever industry you belong in, you can try inviting people of that industry to your podcast.
You really won’t need much, except a microphone, a laptop, recording software, and some low-cost hosting. The only more expensive thing to buy could be your microphone, but that isn’t an issue if you surpass these costs in the long term.
You can make money through podcasts in many different ways, such as:
9. Start a YouTube channel
You are never too old to start a YouTube channel. Nevertheless, it can be about anything that fits your industry. If you are a traveler, you can start a traveling channel or if you love to cook, then start a channel about your unique recipes.
Interestingly enough, let’s say you choose to start a channel about traveling. Many people will browse through YouTube to watch videos of people traveling in areas they have never seen, so this is your chance.
For example, you could start recording videos and travel to countries you don’t really see on the web. It will gain lots of exposure on YouTube since whatever is rare will be more interesting to watch. There are enough videos about traveling to Paris, Barcelona, and more, so try to be unique in this case.
10. Copy editor
Last but not least, you can become a copy editor. A copy editor is someone who will review articles, blogs, or any other written material and make edits in case there are any grammatical errors, the readability of the text, spelling, and even factual accuracy.
To be a copy editor, you have to be able to pay attention to the smallest detail when editing and have a high standard of accuracy when writing.
The average wage in the U.S of a copyeditor is around $20 to $35 per hour, but this will vary in each country. Copy editors and proofreaders usually work remotely, so even if you live in a country outside the U.S, you can work for any company you want.
Well, that’s about it for this article. These were our 10 digital marketing tips to make money during retirement. Age is definitely a number, and nobody ever said that you are too old to still excel in your industry.
Overall, this article showed you that there is an endless number of things you can do to make more money and not only be dependent on your pension funds. Wherever you see your strengths, do that, but there are many things you can try out that may work. You don’t need to be an expert in everything, which is what makes life interesting. Just put in the effort, and you will be making lots of money even after 65!